Thursday, May 14, 2020
Corona Virus In The Mideast -- May 14, 2020
See this link. On this date, Saudi Arabia jumped to #8 among countries with most new cases. #8. Wow. This should get the attention of analysts.
OPEC Basket -- Error In Posting? Something Else? I Don't Know -- May 14, 2020
Later: this is clearly an error but it was interesting for a moment.
We will have to sort this out tomorrow unless there's news tonight or a reader can explain it.
Re-posting:
If this is accurate, it could be a "calendar"issue like the one that dropped WTI into negative territory.
I can't find anything over at Twitter to explain this.
But it's interesting to speculate.
If accurate, do movers and shakers think that Saudi Arabia / OPEC+ won't be able to cut production? Is it possible that movers and shakers think that Saudi Arabia and Russia can't risk shutting in wells in old fields; risk losing the fields?
Saudi Arabia has a severe cash flow problem (previously posted) -- paying daily rates averaging $50,000/day or more for VLCCs / ULCCs with at least twenty of them off Long Beach Port with no plans to unload -- is Saudi Arabia looking to unload those VLCCs / ULCCs regardless of cost / loss?
I really don't know but a 30% drop in the OPEC basket has to be in error unless it can be explained.
Later: a reader commented - this is definitely an error. So, we'll see a correction first thing in the morning.
Original Post
We will have to sort this out tomorrow unless there's news tonight or a reader can explain it.
Re-posting:
OPEC basket: $17.00 -- at oilprice.com -- I can't find anything on this; not reflected at "official" OPEC website, where it still shows $23.25/bbl; this has to be in error, but it's unusual to see errors of this magnitude at oilprice.com; note Brent jumped almost 7%; here's the screenshot:
If this is accurate, it could be a "calendar"issue like the one that dropped WTI into negative territory.
I can't find anything over at Twitter to explain this.
But it's interesting to speculate.
If accurate, do movers and shakers think that Saudi Arabia / OPEC+ won't be able to cut production? Is it possible that movers and shakers think that Saudi Arabia and Russia can't risk shutting in wells in old fields; risk losing the fields?
Saudi Arabia has a severe cash flow problem (previously posted) -- paying daily rates averaging $50,000/day or more for VLCCs / ULCCs with at least twenty of them off Long Beach Port with no plans to unload -- is Saudi Arabia looking to unload those VLCCs / ULCCs regardless of cost / loss?
I really don't know but a 30% drop in the OPEC basket has to be in error unless it can be explained.
Later: a reader commented - this is definitely an error. So, we'll see a correction first thing in the morning.
Notes From All Over, Late Afternoon Edition -- May 14, 2020
For now, just a song or two, nothing much going on in my little world. On my way to looking for something else:
Heads will roll:
Heads Will Roll, Yeah Yeah Yeahs
Wow, if this didn't remind me of Bulletproof by La Roux, released on June 21, 2009. Heads Will Roll was released .... drum roll ... June 29, 2009.
I've posted this before:
Bulletproof, La Roux
Development for the movie The Girl With The Dragon Tattoo began in 2009 by Sony Pictures Entertainment.
Lisbeth Salander -- Elly Jackson/La Roux -- Karen O/Yeah Yeah Years.
Three peas in a pod, as they say.
Heads will roll:
Wow, if this didn't remind me of Bulletproof by La Roux, released on June 21, 2009. Heads Will Roll was released .... drum roll ... June 29, 2009.
I've posted this before:
Development for the movie The Girl With The Dragon Tattoo began in 2009 by Sony Pictures Entertainment.
Lisbeth Salander -- Elly Jackson/La Roux -- Karen O/Yeah Yeah Years.
Three peas in a pod, as they say.
Three New Permits -- WPX Reports A Nice Well -- May 14, 2020
Later: see first comment.
OPEC basket: $17.00 -- at oilprice.com -- I can't find anything on this; not reflected at "official" OPEC website, where it still shows $23.25/bbl; this has to be in error, but it's unusual to see errors of this magnitude at oilprice.com; note Brent jumped almost 7%; here's the screenshot:
Active rigs:
Three new permits, #37576 - #37578, inclusive:
The wells:
35603, SI/NC, XTO, Cole 44X-32DXA, Siverston, t--; cum --;
26804, SI/A, XTO, Cole 44X-32H, Siverston, t--; cum --;
35602, SI/IA, XTO, Cole 44X-32D, Siverston, t--; cum --;
26802, SI/NC, XTO, Cole 44X-32G, Siverston, t--; cum --;
26803, SI/NC, XTO, Cole 44X-32C, Siverston, t--; cum 98K over two months, see below;
35601, SI/NC, XTO, Cole 44X-32F, Siverston, t--; cum 50K; a 39K month;
26945, 1,978, XTO, Lucy 14X-32A, Siverston, t5/14; cum 245K 9/19; remains off line 3/20;
26946, 1,806, XTO, Lucy 14X-32F, Siverston, t5/14; cum 196K 8/19; remains off line 3/20;
26947, 1,980, XTO, Lucy 14X-32B, Siverston, t6/14; cum 221K 8/19; remains off line 3/20;
26803:
OPEC basket: $17.00 -- at oilprice.com -- I can't find anything on this; not reflected at "official" OPEC website, where it still shows $23.25/bbl; this has to be in error, but it's unusual to see errors of this magnitude at oilprice.com; note Brent jumped almost 7%; here's the screenshot:
*****************************
Back to the Bakken
Active rigs:
| $27.50 | 5/14/2020 | 05/14/2019 | 05/14/2018 | 05/14/2017 | 05/14/2016 |
|---|---|---|---|---|---|
| Active Rigs | 15 | 65 | 60 | 51 | 27 |
Three new permits, #37576 - #37578, inclusive:
- Operator: BR
- Field: Little Knife (Dunn County)
- Comments:
- BR has permits for a 3-well Keene pad inSESW 35-147-97, Little Knife oil field
- Crescent Point Energy: a CPEUSC Dorothy permit, Williams County
- 36550, drl/A, WPX, Blue Racer 14-11HUL, Mandaree, no production data,
- 36506, drl/A, WPX, Blue Racer 14-11GH, Squaw Creek, t--; cum 35K over 26 days extrapolates to 40K over 30 days;
- 26804, SI/A, XTO, Cole Federal 44X-32H, Siverston, t--; cum --;
***********************************
The Cole Federal Wells (and Lucy Wells Sited In Same Section)
The wells:
35603, SI/NC, XTO, Cole 44X-32DXA, Siverston, t--; cum --;
26804, SI/A, XTO, Cole 44X-32H, Siverston, t--; cum --;
35602, SI/IA, XTO, Cole 44X-32D, Siverston, t--; cum --;
26802, SI/NC, XTO, Cole 44X-32G, Siverston, t--; cum --;
26803, SI/NC, XTO, Cole 44X-32C, Siverston, t--; cum 98K over two months, see below;
35601, SI/NC, XTO, Cole 44X-32F, Siverston, t--; cum 50K; a 39K month;
26945, 1,978, XTO, Lucy 14X-32A, Siverston, t5/14; cum 245K 9/19; remains off line 3/20;
26946, 1,806, XTO, Lucy 14X-32F, Siverston, t5/14; cum 196K 8/19; remains off line 3/20;
26947, 1,980, XTO, Lucy 14X-32B, Siverston, t6/14; cum 221K 8/19; remains off line 3/20;
26803:
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 3-2020 | 31 | 41847 | 41234 | 40185 | 88336 | 0 | 88001 |
| BAKKEN | 2-2020 | 27 | 55183 | 54334 | 49841 | 88634 | 0 | 88501 |
| BAKKEN | 1-2020 | 0 | 0 | 294 | 0 | 0 | 0 | 0 |
| BAKKEN | 12-2019 | 3 | 549 | 255 | 3708 | 1383 | 0 | 1383 |
Subscribe to:
Posts (Atom)